MTS announced the raising of a six-year RUB 30 billion loan from VTB Bank in order to refinance outstanding debt.

The loan is being extended under a RUB 80 billion revolving credit line that was opened in May 2018. MTS aims to use the funds to fully repay an outstanding loan that matures in 2020.

“One of MTS’s top financial priorities is steadily optimizing our debt portfolio. In an improving macroeconomic environment, we are working proactively to decrease average cost of debt, increase overall tenor, and diversify our sources of financing,” said MTS Vice President for Finance Andrey Kamensky.